Principal amount = P = $500
Time = t = 14 years
Interest rate = r = 8.25% = 0.0825
Amount accumulated = A
Using the formula of compound interest:
Substituting the values, we get:
Thus the amount accumulated after 14 years will be $1587.01. Compared to the original amount of $500, this amount is tripled.
Time = t = 14 years
Interest rate = r = 8.25% = 0.0825
Amount accumulated = A
Using the formula of compound interest:
Substituting the values, we get:
Thus the amount accumulated after 14 years will be $1587.01. Compared to the original amount of $500, this amount is tripled.